GUANGZHOU, China, Oct. 16, 2014 (GLOBE NEWSWIRE) -- CNinsure Inc. (Nasdaq:CISG), a leading independent insurance intermediary company operating in China, today announced that the number of paid members of eHuzhu, an online mutual aid platform launched by CNinsure, has surpassed 167,000, a threshold that guarantees the capped financial aid of RMB500,000 provided to a member diagnosed with cancer, or the family of a member who died accidentally.
eHuzhu, launched in July 2014 by CNinsure, is the first online mutual aid platform in China. eHuzhu's first program, the family protection plan, targets people aged from 18 to 50 and offers financial aid of up to RMB500,000 to a member or his or her family should he or she be diagnosed with cancer or succumb from an accidental death. The plan is funded by up to RMB3 donation from each member for each case. In order to offer RMB500,000 to a member in need, a guarantee of 167,000 paid members is needed. As of October 16, 2014, the 106th day from the launch, the number of paid members under the platform has grown to 177,900.
Commenting on the rapid growth, CNinsure's chief executive officer, Chunlin Wang stated: "The impressive growth in the number of eHuzhu's members reflects people's need for aid due to vulnerability to cancer or accidents, coping with stress in modern society. As a part of our ongoing commitment to social responsibility, we are dedicated to building a platform that can serve as a complement to the social security system and help to protect Chinese families from the painful situations caused by cancer or accidental death of their loved ones."
About CNinsure Inc.
CNinsure is a leading independent intermediary company operating in China. CNinsure's distribution network reaches many of China's most economically developed regions and affluent cities. The Company distributes a wide variety of property and casualty and life insurance products underwritten by domestic and foreign insurance companies operating in China, and provides insurance claims adjusting as well as other insurance-related services.
Forward-looking Statements
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward- looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about CNinsure and the industry. Potential risks and uncertainties include, but are not limited to, those relating to CNinsure's limited operating history, especially its limited experience in selling life insurance products, its ability to attract and retain productive agents, especially entrepreneurial agents, its ability to maintain existing and develop new business relationships with insurance companies, its ability to execute its growth strategy, its ability to adapt to the evolving regulatory environment in the Chinese insurance industry, its ability to compete effectively against its competitors, and macroeconomic conditions in China and their potential impact on the sales of insurance products. All information provided in this press release is as of the date hereof, and CNinsure undertakes no obligation to update any forward-looking statements. Although CNinsure believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by CNinsure is included in CNinsure's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F.
CONTACT: Oasis Qiu
Investor Relations Manager
Tel: +86 (20) 6122-2731
Email: qiusr@cninsure.net
